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Technical analysis update: WTI oil (8th February 2022)Recently, WTI oil reached a new high of 93.14 USD per barrel. Simultaneously, all our price targets were reached. Because of that we decided to update our thoughts on USOIL today. We continue to maintain a bullish stance in the medium-term and long-term. However, in the short-term we foresee headwinds for oil due to many technical indicators pointing to an overbought condition. We expect the price of USOIL to drift lower towards Support 2 at 85.39 USD. Because of that we would like to set a short-term price target for USOIL to 87.50 USD per barrel. Technical analysis - daily time frame RSI is bearish as it performed crossover below 70 points. MACD is flattening which suggests that the bullish momentum is decreasing. Stochastic remains in the bullish area, however, it already points to the downside which is bearish. DM+ and DM- show bullish conditions in the market. However, ADX suggests that these conditions are near its peak. Additionally, the price deviated too far from its simple moving averages. Overall, the daily time frame suggests that the price of USOIL is ripe for correction. Technical analysis - weekly time frame RSI shows divergence with price. Additionally, it performed a crossover below 70 points, similarly like on the daily time frame. These developments are bearish. MACD and Stochastic remain bullish. DM+ and DM- are also bullish. Overall, the weekly time frame is mixed. Illustration 1.01 Illustration above shows the weekly chart of USOIL and its RSI. Divergence between the price and RSI is observable. This phenomenon is bearish. Support and resistance Major resistance lies at the recent high of 93.14 USD. Major support sits at 61.76 USD. Support 1 can be found at 87.90 USD and Support 2 at 85.39 USD. Another psychological support below that is at 85 USD. Please feel free to express your own ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILShort
by Tradersweekly
2
Oil Update and news 17/1/2022Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ Oil prices surged on Monday, with Brent futures reaching their highest level in more than three years, as investors anticipated supply will remain tight due to limited output by major producers and unaffected global demand by the Omicron coronavirus variety. Brent crude futures rose 40 cents, or 0.5%, to $86.46 a barrel. Earlier in the session, the contract reached a high of $86.71 for the first time since Oct. 3, 2018. Daily Support & Resistance points for Brent : support Resistance 1) 86.46 1) 86.83 2) 86.26 2) 87.00 3) 86.09 3) 87.20 West Texas Intermediate crude in the United States was up 58 cents, or 0.7 percent, at $84.40 a barrel after reaching $84.78, the highest since Nov. 10, 2021, earlier in the day. Daily Support & Resistance points for WTI : support Resistance 1) 84.31 1) 84.59 2) 84.15 2) 84.71 3) 84.03 3) 84.87 The gains came on the heels of a rally last week in which Brent rose more than 5% and WTI rose more than 6%. The Organization of Petroleum Exporting Countries, Russia, and their allies, known collectively as OPEC+, are progressively lifting output cuts imposed when demand dropped in 2020. However, many smaller producers are unable to increase output, and others are hesitant of pumping too much oil in case of further COVID-19 difficulties. Two US officials and two industry sources told Reuters on Friday that the US administration has held talks with numerous multinational energy corporations about contingency plans for exporting natural gas to Europe if Russia-Ukraine violence damages Russian supplies. Meanwhile, crude oil inventories in the United States declined more than predicted to their lowest level since October 2018, but gasoline inventories increased due to sluggish demand, according to the Energy Information Administration on Wednesday. This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice. If you have any questions please ask and have a great day !! Thank you for reading.
TVC:USOIL
by GabiDahduh
Technical analysis update: WTI oil (3rd January 2022)WTI oil rose over 20% since its low at 61.46 USD on 2nd December 2021. We previously noted that weakness in the general stock market posed a threat for further rise of the price of USOIL in the short-term. However, since then the general stock market seems to stabilize. Because of that we regained our bullish view; additionally, we would like to set a short-term price target for USOIL to 77 USD. Technical analysis - daily time frame RSI continues to develop bullish structure. Stochastic is also bullish and MACD performed a bullish crossover above 0 points which further bolsters the bullish case for USOIL. DM+ and DM- show mixed conditions; and ADX declined substantially which suggests that the prevailing trend lost strength. Technical analysis - weekly time frame RSI points to the upside which is bullish. Stochastic is bullish too and MACD started to flatten (still in the bullish zone). We will observe MACD in the following weeks and we will watch out whether it manages to stay within the bullish zone and reverse back to the upside. DM+ and DM- show bearish conditions while ADX continues to decline. Though, ADX's value is a little bit higher than the value of ADX on a daily time frame. Illustration 1.01 Picture above shows the weekly chart of USOIL. It also shows setup for head and shoulders being formed. We will observe whether this pattern will continue to develop further. However, at the moment, we believe this pattern will get distorted and price will continue higher. Support and resistance Following support and resistance levels are derived from the peaks and troughs in price of USOIL. Short-term support sits at 73.30 USD and short-term resistance lies at 77.41 USD. Next closest resistance appears at 79.20 USD and then at 81.78 USD. Major resistance lies at 85.39 USD. Major support level can be found at 61.76 USD. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
4
An IPO few are watchingDEN (Denbury Inc) is an oil and gas company that focuses on CO2 enhanced oil recovery. Boring right? I assume that is the reason it has been under the radar, after all, Technology tends to get more attention. Since September 2020, when it IPO'd, DEN has increased by over 300%. There are 2 potential measured moves, one by using the horizontal range transposed on top of the current support (purple arrow), and the extended target (light-blue arrow) by using the ascending triangle pattern. In late June we tested and failed $80 (approximately), since then, we tested the bottom of the horizontal range (purple dashed-line) and are now breaking to all-time highs. Important Note Earning are Thursday 4th before the market opens, so we could experience a volatile move.
DLong
by dorfmanmaster
Breaking: The OPEC report is issuedOPEC monthly report was issued a few minutes ago, and the report was not positive for OPEC+ and the oil-producing countries within the group, led by Saudi Arabia. OPEC kept its forecast for oil demand in 2021 unchanged at an increase of 6 million barrels per day, bringing the average to 96.6 million barrels per day, and also kept its forecast for the growth of oil demands in 2022 by 3.3 million barrels per day, bringing the average production to 99.86 million barrels per day. While OPEC+ raised its expectations for an increase in the production of oil-producing countries outside the group by 840 thousand barrels per day, to reach an increase of 2.9 million barrels per day, with a total average of 66.9 million barrels per day in 2022. It also raised its forecast for the production growth of oil-producing countries outside the group in 2021 by 270,000 barrels per day to reach 1.1 million barrels per day, with a total average of 64 million barrels per day.
TVC:UKOIL
by basembitar
Technical analysis update: USOIL (27th July 2021)WTI oil continues to trade around 72 USD per barrel. Recently OPEC deal cleared out uncertainty about future supply boosts in the oil market. Despite initial selloff as reaction to the announcement of a deal we view this agreement among OPEC as bullish developement for medium and long term price of oil. Rising vaccination rates are leading to higher mobility in the U.S. and Europe. Higher mobility and less lockdowns subsequently hint to higher demand for oil in the near future. Earlier this year OPEC announced that it expects oil demand to rise by 6 million bpd this year. In addition to that IEA announced that it expects oil demand to rise by 5.4 million bpd this year and by another 3.1 million bpd next year. Though, pre-pandemic levels of demand (approximately at 100.6 million bpd) are expected to be reached by end of 2022. This points to the fact that oil market recovery is still in the progress and has plenty of room to continue. RSI and MACD are flattening out and becoming neutral. Stochastics is bullish. ADX contains low value suggesting weak or no trend. Our medium term price target is 77.50 USD per barrel and our long term price target for oil is 80 USD per barrel. Developements from 20th July 2021: Here we stated that price was very attractive for taking entry on long side of the market (price traded at 66.57 USD at time of publication). Then price rebounded back above 70 USD per barrel and continued further above 72 USD per barrel. Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
2
Woah G WOGI!WOGI hasn't attempted to test these levels since 2014! TLDR, I'm not gonna go all the way back to 2014 to DD the stock because this is just about identifying potential levels. I drew out the fib retracemtent using more recent lowest lows and the 2014 high and interestingly enough, the 786 fib line lined up with a pretty clear, recent level of resistance that WOGI juuuuuussst broke through. Meanwhile, the $0.11-$0.13 area isn't a "random" sticking point" either. Once again, go back to 2014 where WOGI broke out in a big way last and you'll see that this area was a recognizable pivot (resistance turned support turned resistance). Now, does this mean it's set to fail again? that is going to be up to the market right now. All I'm doing is pointing out particular areas where there could be some interest to watch more closely than others. since the 618 fib is still a ways away, the fact that 11-13 cents was a previous area of "traffic" is too coincidental not to monitor it now that WOGI is trading at that same level. I think volume will be an important key to dictate the next leg higher or rejection and move lower. We'll see. But again if WOGI is on your list of penny stocks to watch right now, I think these could be interesting areas to monitor. Management changes, cancellation of share issuance in April & plenty more news on WOGI here: pennystocks.com
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by PennyStocks101
RIG : Transocean will get this huge bull runs.Transocean Ltd. (NYSE: RIG) The trend has change lately, Transocean also has attracted the attention of day traders on WallStreetBets.. The stock also has reacted positively to Transocean's agreement with Jurong Shipyard to accept deferred payment on the delayed delivery of two ultra-deepwater drillships. Their own insider director bought 15% more shares.. this is ridiculous.. As an ex-offshore worker, I do know some of the big whales behind the company (Other company) They just sit tight quietly, and can suddenly buy a new ship or anything in one snap.. just like that.. and sell it back in no matter of time.. Back to the chart, the trend has change positively and resisting to fight back with all the resistance. Along with the demand and oil price are growing back, TransOcean can easily back on track on the upper side. Perhaps in the year 2022 starting May it will on the new HH on the chart. Foresee it will easily reach $ 6-8 in the nearest months. Will update time to time with this bullish trend.
RLong
by SL-Trades
RIG raising the bar on FibsHad to update my Fib setting today on RIG after this last move. With oil and gas still taking center stage, reopening stocks seem to be pivoting around energy. Still, from a longer-term perspective, there is still plenty of ground to make up from its previous drop. "At least in the near term, oil and natural gas will be needed to help fuel the equipment & industrial processes needed to create this brand new infrastructure. This is where we see companies involved in everything from oil and gas production to transport becoming a focus in 2021." Quote Source: Best Penny Stocks To Watch Now? 10 Top Epicenter Stocks For Your List
NYSE:RIG
by PennyStocks101
Back In The Ol' Gap With GTEGTE following the trend of the broader energy sector. However, volume isn't as strong as I would necessarily like to see for a full on breakout. But given the trend, it's gonna be nice IF GTE can bust back through this resistance level and stay there for a while. "Keeping in theme with the other energy stocks on this list, Gran Tierra is a Canadian-based exploration and development company working in the fossil fuels industry. Up by around 5% at midday, GTE stock has been gaining momentum in several recent trading sessions. In the past month, shares of GTE have pushed up by over 25%, and in the past six months by over 125%. Again, we see the price of oil and gas companies continue to push up as Covid case numbers decline globally. While GTE is based in Canada, its exploration operations take place in South America, specifically in Colombia and Ecuador. It is also pursuing other opportunities in similar regions around its existing developments. A few months ago, many investors feared that Colombian national protests would have a major effect on oil and gas operations domestically. But, Gran Tierra managed to largely avoid any sizable shut down at its plants. Considering its role as a pure-play energy penny stock, it could be worth watching alongside dwindling case numbers." Quote Source: Hot Reddit Penny Stocks to Buy? 10 That You Should Know About
AMEX:GTE
by PennyStocks101